For the fiscal 2023-24, the country’s largest retailer’s gross revenues crossed Rs 3 lakh crore mark with net profit crossing the Rs 10,000 crore milestone. The business reported gross revenue of Rs 3,06,786 crore in the fiscal under review, a growth of 17.8% over last year.
RRVL’s revenue from operations in FY24 went up by 18.2% y-o-y at Rs 2,73,079 crore, while net profit went up by 21% y-o-y at Rs 11,101 crore. RRVL recorded EBITDA of Rs 23,040 crore in FY24 which went up by 28.5% y-o-y.
In its earnings release, Reliance Retail said it undertook an equity fund raise of Rs 17,814 crore in FY24, including Rs 2,500 crore infused by Reliance Industries during the March quarter. It did not specify where the capital would be utilized.
Reliance continued its store expansion opening 1,840 stores with a gross area addition of 15.6 million square feet last fiscal. This took the total store count to 18,836 and total area to 79.1 million sq ft. 562 new stores opened shutters last quarter with footfall going up by 24.2% y-o-y at over 272 million across formats.
Mukesh Ambani, chairman and managing director at Reliance Industries, said in the earnings release that the retail business continued to offer product differentiation and superior offline experience through stores re-modelling and revamping of layouts.
“The digital commerce platforms also provided newer solutions to users with a broad brand catalogue. Reliance Retail also works towards strengthening millions of merchants through its unique initiatives in new commerce space,” he said.
RRVL executive director Isha M. Ambani said Reliance Retail continues to deliver steady performance led by growth across consumption baskets.
“We continue to invest and innovate across formats and products to improve our customer value proposition and serve evolving consumer needs. Robust expansion and growth of our retail business signifies our commitment to customer centricity and confidence in India’s consumption story,” she said in the release.
RRVL in the release said investments in boosting supply chain infrastructure and omni-channel capabilities remained a priority as the business continues to deepen its presence in tier II towns and beyond.
In the consumer electronics business, the company said new commerce business or wholesale B2B sales to retailers through JioMart Digital continued its growth journey and expanded its merchant partner base by 20% y-o-y. In fashion and lifestyle, Reliance said it continued to scale up new formats such as Azorte, Yousta and GAP and three of its own brands crossed the Rs 2,000 crore annual sales milestone.
For the e-commerce business, Reliance said its platform JioMart expanded its seller base by 94% y-o-y during the March quarter while GMV went up led by sales events. In FMCG, the company said there was “strong traction on Campa and Independence brands driving growth of beverage and staples categories.” The business grew three times y-o-y in general trade.
